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Innodata Announces New AI-Enabled Data Generation Offerings and Significant Win

NEW YORK, NY / ACCESSWIRE / May 5, 2021 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has expanded its AI data engineering capabilities to support synthetic data generation and has won its first significant new customer for synthetic data generation. Companies that are building artificial intelligence (AI) and machine learning (ML) models can utilize synthetic data when real-world data is insufficient or unavailable. For its latest win, Innodata successfully delivered a proof-of-concept for a synthetic data solution to one of the world's leading robotics process automation (RPA) companies that seeks to build and deploy high-performing, fast-to-scale AI algorithms to automate business processes.

Companies are increasingly identifying opportunities to build AI applications, especially in the deep learning domain. High accuracy models, however, require significant training data which may be unavailable. For AI applications that process language and text, data augmentation with synthetic data has been difficult due to language complexity. With Innodata's synthetic data generation solution, customers can improve model prediction accuracy and mitigate bias for complex datasets even when the datasets are small or data cannot be utilized due to data privacy issues.

Innodata's proprietary data generation solution quickly sources and creates synthetic data across a vast variety of document types and languages and will scale to support large initiatives. Industries that can benefit from synthetic data include automotive (autonomous driving), robotics, manufacturing, financial services, healthcare, and social media.

For its latest win, Innodata was selected by one of the leading RPA companies to help it build high-performing AI models, or intelligent software bots, that can perform across a range of financial documents in five languages. Since the company required the models to perform with faster scalability, it selected Innodata on the strength of its synthetic data capabilities.

"At Innodata, we are continuously innovating to assist our clients with achieving successful AI," said Rahul Singhal, Chief Product Officer at Innodata. "As data becomes more complex, the creation and usage of synthetic data - data that mimics the real thing - will help our customers overcome real data usage restrictions, simulate not-yet-encountered conditions, and avoid some common statistical problems."

Learn more about Innodata's data powered solutions here.

About Innodata

Innodata (NASDAQ:INOD) is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 3,500 subject matter experts, and a high-security infrastructure, we're helping usher in the promise of digital data and ubiquitous AI. Visit www.innodata.com to learn more.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "forecast," "predict," "likely," "goals," "estimate," "plan," "potential," or the negatives thereof and other similar expressions generally identify forward-looking statements, which speak only as of the date hereof.

These forward-looking statements are based on management's current expectations, assumptions and estimates and are subject to a number of risks and uncertainties, including without limitation, the expected or potential effects of the novel coronavirus (COVID-19) pandemic and the responses of governments, the general global population, our customers, and the Company thereto; the outcome of our application for loan forgiveness for proceeds received under the Paycheck Protection Program established as part of the Coronavirus Aid, Relief and Economic Security Act; that contracts may be terminated by clients; projected or committed volumes of work may not materialize; continuing Digital Data Solutions segment reliance on project-based work and the primarily at-will nature of such contracts and the ability of these clients to reduce, delay or cancel projects; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; continuing Digital Data Solutions segment revenue concentration in a limited number of clients; potential inability to replace projects that are completed, canceled or reduced; our dependency on content providers in our Agility segment; difficulty in integrating and deriving synergies from acquisitions, joint venture and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; changes in our business or growth strategy; a continued downturn in or depressed market conditions, whether as a result of the COVID-19 pandemic or otherwise; changes in external market factors; the ability and willingness of our clients and prospective clients to execute business plans that give rise to requirements for our services; changes in our business or growth strategy; the emergence of new or growth in existing competitors; various other competitive and technological factors; our use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, client, employee or Company information, or service interruptions; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, uncertainty around the COVID-19 pandemic and the effects of the global response thereto and the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 15, 2021, as updated or amended by our other filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the Federal securities laws.

Company Contact

Suzanne Srsich
Innodata Inc.
ssrsich@innodata.com
(201) 371-8033

SOURCE: Innodata Inc.



View source version on accesswire.com:
https://www.accesswire.com/644670/Innodata-Announces-New-AI-Enabled-Data-Generation-Offerings-and-Significant-Win

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